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Gold bars cracking up (literally)
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Some gold bars held by the Bank of England have huge cracks in them pointing to impurities in the gold. The price has been affected and are worth a lot less. Who shoulders this responsibility, the bank or the government?
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a. The bars are property of the Government.
b. Most of the bars were imported from the US (infer from this what you will).
c. The $8 billion (value to be reassessed!) in gold would be useless as a prop to the UK's $2.4 trillion economy.
d. Between 1999 and 2002 Gordon Brown sold off 395 tonnes (55%) of the gold reserve for around $3.5 billion. If the remaining 320 tonnes loses half of its value it is still a better result than Mr Brown's attempt at speculation.
b. Most of the bars were imported from the US (infer from this what you will).
c. The $8 billion (value to be reassessed!) in gold would be useless as a prop to the UK's $2.4 trillion economy.
d. Between 1999 and 2002 Gordon Brown sold off 395 tonnes (55%) of the gold reserve for around $3.5 billion. If the remaining 320 tonnes loses half of its value it is still a better result than Mr Brown's attempt at speculation.
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